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From Leftlane News
"Yesterday we received a new spy shot of what is purportedly a prototype of the 2007/2007 BMW M3 coupe. While we cannot definitively guarantee the authenticity of the photo, we believe it is real. The image is believed to be of the new M3, as evidenced by the distinctive quad-tailpipes — a feature only seen on BMW's "M" vehicles. Moreover, the car appears to have widened wheel arches. While it's difficult to determine from just one photo, this certainly appears to be the case. Lastly, there appears to be some type of camouflage on the front quarter-panel — the exact location where BMW "M" cars usually have side gills. Given all these characteristics, we suspect this may be an actual M3 prototype, as opposed to a test "mule." If the vehicle was a mule, it would not have production-style wheel arches, nor would it have side gills. If this is indeed the new M3, then it goes against recent reports by Germany's Autobild magazine that indicated the M3 would get a unique body style. It's also unusual to see a prototype with so little disguise in testing at this time. While the release of the 2007 3-Series coupe (see spy shots) is imminent, the M3 was not expected until some time next year."

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Sure looks like it may have a CF roof like the M6--now THAT would be cool!